Blockchain security is the risk management procedure or system that is designed to protect a blockchain network from online threat actors and cybercriminals. Blockchain security uses a combination of cybersecurity best practices, tested frameworks and technical assurances to protect against fraud and cyberattacks (including 51%, Sybil, Phishing and Routing attacks).

Despite the fact that blockchains are cryptographically signed, blockchain security is needed to ensure that only authorized users gain access to nodes and the blockchain network overall. Blockchain networks take advantage of a number of cybersecurity protocols and frameworks to ensure sensitive user information is kept secure and hidden.

Blockchain security is designed specifically to protect a blockchain network from infiltration and attacks from cybercriminals and threat agents. Equally, blockchains use their inherent security protocols to provide transparency and immutability. Cybersecurity is generally concerned with the overall protection of data on any system, network, or machine, including blockchains.

Yes, blockchains are safe because they are designed to be both transparent and immutable via consensus mechanisms and cryptographic keys. However, blockchain networks and the members of the blockchain, including nodes, are vulnerable to certain types of cyberattacks. The most common attack vectors are 51%, Routing, Phishing scams, and Sybil attacks.

Blockchains are very secure by design: their data is structured into blocks, connected together by a cryptographic chain, and they leverage a consensus mechanism (involving the collective participation of some of its members) to transfer information. However, blockchain networks are less secure because there are an increased number of vulnerabilities to exploit.

A 51% attack is a specific type of cybercriminal activity relative to blockchains and distributed ledger technologies. 51% attacks involve a group of rogue miners on the network combining resources to take control of the blockchain’s ledger and perform fraudulent transactions. Private blockchains are not susceptible to this type of attack.

A routing attack involves intercepting data being transferred to an internet service provider, essentially dividing the blockchain network, and targeting a certain chain between certain nodes. From there, the attacker can steal any currency or personal information. Routing attacks are hard to spot because the attack itself happens behind the scenes.

A hybrid blockchain is a combination of aspects from private and public blockchains that leverages their collective advantages. Equally, hybrid blockchains can also refer to a blockchain consisting of both a private and public blockchain that are interoperable. Although upgrading can be difficult, they are considered easier to scale.